Almost three-quarters (73%) of executives in the financial services sector anticipate that they could be replaced by Generative AI (GAI), according to a recent study.
The report, titled ‘Generative Artificial Intelligence: The Technology Polarising the Financial Services Industry’, was conducted by FintechOS. Despite the significant percentage, responses to the technology’s impact on the market show a near even division: 45% consider it a ‘friend’, while 40% view it as a ‘foe’.
Investment in GAI also reflects this divided perspective, with 50% of respondents already investing in the technology. In the UK, this investment averages between £800,000 and £1.6 million.
However, there is a broader consensus regarding GAI’s potential impact on the workforce. A notable 57% of participants believe the technology could lead to job losses within the next three years, anticipating an average reduction of 30% in headcount.
“While opinions within the financial services industry are deeply divided, there is one common consensus: the expectation that GAI will boost revenues but inevitably reshape the workforce and displace jobs,” stated Teodor Blidarus, co-founder and CEO at FintechOS. “Every financial institution has started its GAI journey, and it’s imperative to take the first step — even if it’s a small one — to avoid being left behind. Only by starting the journey now and understanding the implications can the risks of GAI be mitigated while better reaping the rewards.”
The study’s release coincides with a tumultuous moment for GAI, marked by the reported return of Sam Altman, the founder of OpenAI, to lead the firm after being fired just a week prior.